Years ago before I embarked on my Wall St career, I sought counsel from my grandfather as I was having doubts due to my lack of a formal education and also that I would be taking a significant pay cut to accept the entry level position I had been offered.
As the owner of a few small regional shipping companies that had fought (and won - he made every driver an owner) against the thuggery of the Teamsters contract negotiations of the 70's, he couldn't have been more enthusiastic and supportive that I was considering a career move away from union work (and the Teamsters specifically) but his advice to me was short and to the point.
Take the job, work hard and buy gold.
That was it, and I have been a bug ever since. It has fared me well.
Years later I am now having doubts, and think it might be time to sell. Its not that George Soros, despite being a heavy buyer, is calling it a fad investment (which I tend to agree with as a contrarian).
Its that I remember the Emergency Banking Act of 1933 and the retroactive amendment to the Trading with the Enemy Act of 1917, both passed under pressure from FDR without Congress reading either bill (sound familiar) under the guise of stimulating the economy.
For those unfamiliar, what those two laws did, among other things, was to make individual gold ownership illegal and permitted the federal government to confiscate all privately owned gold....which it did. Probably didn't read that in History 101. If you are not outraged, then you are our liberal reader Gary, who loves stealing other people's money.
See liberals hate personal freedom of all kind, especially the monetary variety. The creation of wealth is the polar opposite of liberalism. They also don't like smart people (in this case gold investors), which once again is the polar opposite of liberalism.
If you bought gold when Obama was elected, you are up 35%....if you sold (which I did some for diversification and tax reasons) then you have missed a run up. That is how free markets work.
So whats up with the proposed "Gold Hearings" by Weiner and Waxman? story
Considering the last two lib moves to "help the lil guy" resulted in higher banking fees from the Financial Reg bill and higher health insurance premiums thanks to Obamacare, I am wary of any liberal money grab cloaked as reform. Could this be another gold grab? Or just politics of petty vindictiveness because leading conservatives such as Glenn Beck and Mark Levin advertise gold buyers/sellers?
I'm not sure, but I don't like it one bit....and don't even get me started on the Morgan Silver Dollars.
EE-Aw!!!
1 comment:
I think it's the latter. There is already a campaign to destroy Beck's Fox program and they are going after the advertisers. They can't beat them on the issues so as always they destroy them personally.
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